Austin-area home sales break July records; inventory remains low
AUSTIN, TX–Austin-area home sales set an all-time high for any July on record, as sales last month increased 11.7% to 3,439 home sales, according to the latest Central Texas Housing Market Report from the Austin Board of REALTORS®. Despite the record, home sales within the city of Austin remained flat due to limited housing inventory.
“Regional single-family home sales posted strong gains this July, indicating the summer selling season is likely to remain active and steady throughout August,” Kevin P. Scanlan, 2019 president of the Austin Board of REALTORS®, said. “It’s a sellers’ market right now. Even though we saw an increase in new listings, inventory remains low. Homes located inside city limits are spending less than one month on the market, on average.”
Jim Gaines, chief economist at the Real Estate Center at Texas A&M University, said despite stagnant sales in Austin, the overall market “is still very strong.”
“Due to the lack of affordable options and tight inventory in the city of Austin, home sales are declining within the city limits but increasing in the surrounding areas,” he said. “The good news is, we’re seeing home prices begin to stabilize.”
Austin-Round Rock MSA
In the Austin-Round Rock MSA, single-family home sales in July experienced a double-digit increase of 11.7% year over year to 3,439 home sales; sales dollar volume also had a double-digit increase of 15.4% to $1,407,009,110. The median price for single-family homes rose slightly by 3.2% to $325,000. During the same period, new listings increased 4% to 3,841 listings, while active listings decreased 3.5% to 7,197 listings. Pending sales jumped 17.4% to 3,385 pending sales. Monthly housing inventory declined 0.2 months year over year to 2.7 months of inventory.
City of Austin
Single-family home sales remained stagnant this July at 943 sales in the city of Austin. However, sales dollar volume increased by 4.9% to $463,693,858. The median price for single-family homes rose 6.9% year over year to $410,000. During the same period, new listings remained flat at 1,080 listings; active listings decreased 14.7% to 1,435 listings; but pending sales jumped 10.2% to 948 pending sales. Monthly housing inventory decreased 0.2 months year over year to 1.9 months of inventory.
In Travis County, single-family home sales increased by 4.6% to 1,641 sales in July. During the same period, sales dollar volume experienced a double-digit increase of 10% to $827,166,382 and the median price increased 5.8% to $390,500. New listings increased 1.7% to 1,857 listings; active listings decreased 9.3% to 3,169 listings; and pending sales spiked 15.8% to 1,626 pending sales. Monthly housing inventory dropped 0.2 months to 2.5 months of inventory.
Williamson County single-family home sales volume increased 15.4% to 1,205 sales and sales dollar volume jumped 19.8% to $387,644,203. The median price for a single-family home in July slightly increased year over year by 3.8% to $292,000. During the same period, new listings increased 10.7% to 1,330 listings. Active listings decreased by 1.7% to 2,457 listings. At the same time, pending sales experienced a double-digit increase of 20.1% to 1,206 pending sales. Housing inventory decreased 0.2 months to 2.6 months of inventory.
In Hays County, single-family home sales jumped 22.4% to 431 sales in July and sales dollar volume rose 30.5% to $147,876,666. During the same period, the median price for single-family homes inched up slightly—1.5% to $265,000. New listings decreased 0.9% to 462 listings, but active listings increased 3.8% to 1,068 listings. Pending sales increased 11.8% to 388 pending sales. Housing inventory decreased 0.1 months year over year to 3.4 months of inventory.
In July, Bastrop County single-family home sales spiked 41.1% to 127 sales and sales dollar volume jumped 38.6% to $35,286,487. The median price for a single-family home increased 11.3% to $256,868. During the same period, new listings increased 1.3% to 155 listings; active listings increased 18.2% to 397 listings; and pending sales rose 27.3% to 126 pending sales. Housing inventory increased 0.3 months to 4.3 months of inventory.
In Caldwell County, single-family home sales in July spiked 52.2% to 35 sales and sales dollar volume jumped 61% to $8,922,843. The median home price increased 18.8% year over year to $193,590. During the same period, new listings decreased 19.6% to 37 listings as active listings increased 5% to 106 listings. Pending sales rose 34.5% to 39 pending sales. Housing inventory remained unchanged at 4.1 months of inventory.
For more information and to download the July 2019 Central Texas Housing Market Report, visit www.abor.com/statsjul19.